On the website of the agency reports that the head of Sincere Systems LLP was sentenced to 6 years of imprisonment suspended with a ban on engaging in activities in the field of investment for 5 years.
Sincere Systems’ cryptocurrency scheme had been operating since 2020. Representatives of the company attracted funds from citizens of Kazakhstan, claiming to work with the world’s leading cryptocurrency exchanges and the possibility of quick earnings.
“To convince the client in the safety of the investment, a website was created, where a personal user account was registered with the assignment of an ID and the possibility of replenishment with virtual funds equivalent to the deposit. The amount raised amounted to 215 million tenge ($480,000),” AFC said in a statement.
Law enforcement authorities are further investigating the company’s activities. The AFM Department of Aktobe region found two Kazakh citizens who were related to Sincere Systems and attracted funds of local residents to this pyramid scheme.
Recently, a scheme to buy cryptocurrencies using fake U.S. dollars was uncovered in Kazakhstan.